Renters Insurance Gaps

Like any home, you fill your rented place with all kinds of stuff, from furniture and appliances, to photos and outfits. You spend your time and money making it your own and making it comfortable…but did you make sure it’s covered?
Many renters think their landlord’s insurance covers their stuff if there was a break in, a little water damage, or a fire…but that’s not the case. Landlord insurance only covers the property and the landlord’s interests. Your personal property is your responsibility, and without proper coverage you could be left with the bill replacing things after a loss.
Homeowners across the country buy homeowners insurance to cover their personal property from damage, theft, and all kinds of losses. As a renter, you face many of the same risks as homeowners.  For example, what if the pilot light on your stove malfunctioned and started a fire while you were at work, destroying your TV, your furniture, your clothes…everything. How would you replace those lost items?
As a renter, how do you cover your personal property from loss? Renters Insurance.
Renters insurance works much the same way Homeowners insurance does…except it’s tailored to renters. It works to cover your:
  • Personal possessions – coverage for your things (clothes, furniture, electronics, etc.) up to your coverage limit after your deductible.
  • Personal liability – coverage if you’re ever legally responsible for an injury or property damage.
  • Medical payments – coverage for medical expenses if someone (other than a resident) gets hurt in an accident at your place.
  • Additional Living Expenses – coverage for extra temporary living expenses if your place is damaged and becomes uninhabitable.
It Fills Coverage Gaps
Renters insurance can also fill gaps left by your other policies, like your Auto insurance. Let’s say, for instance that you leave your laptop in your car one night after work.  You come out the next day to a broken window and a laptop-less car.  While the window might be covered by your auto insurance, most policies don’t cover personal items left inside. But Renters does! In this case, your Renters insurance could help replace your stolen laptop.
It’s really affordable
Renters insurance is incredibly cheap! Most policies (depending upon selected coverages) only cost $15 – $30 per month.

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